U.S. cracks down on Iran’s secret Oil Empire with sweeping sanctions

By Kazeem Ugbodaga

The United States has imposed sanctions on 22 entities linked to a sprawling network accused of facilitating illicit oil trade on behalf of the Iranian regime, the U.S. Department of State announced on Wednesday.

The targeted network, operating across multiple jurisdictions, is alleged to funnel funds to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), supporting Tehran’s campaigns of terror and its ballistic missile programmes, which the U.S. says threaten international peace and security.

The sanctions, enacted under the counterterrorism authority of Executive Order 13224 (as amended), focus on a sophisticated “shadow banking” system that utilizes front companies in Hong Kong, the United Arab Emirates, and Türkiye.

These entities are accused of enabling sanctioned Iranian government bodies to generate revenue from the sale of petroleum and other commodities, in violation of existing U.S. sanctions.

The move builds on prior actions outlined in National Security Presidential Memorandum-2, issued on February 4, to disrupt Iran’s access to global financial networks.

Department Spokesperson Tammy Bruce emphasized the U.S. commitment to countering Iran’s destabilizing activities.

“The United States will continue to deny Iran access to financial networks and the global banking system as long as it persists in actions that undermine international peace and security,” Bruce stated. “We are promoting accountability for those who enable these illicit activities.”

The U.S. said the sanctions aimed to dismantle the financial infrastructure supporting Iran’s illicit oil trade, which U.S. officials say sustains the IRGC-QF’s operations and bolsters Tehran’s regional influence.

It added that by targeting these front companies, the U.S. sought to choke off a critical revenue stream for Iran’s military and terror-related activities.